Kleinheinz, Corriente Return Client Money as Funds Close
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Kleinheinz Capital Partners Inc., the Fort Worth, Texas-based hedge fund founded by John Kleinheinz, will return investors’ money as a rising number of hedge-fund managers is calling it quits.
The firm has begun winding down the fund’s positions and is 65 percent “through the process,” Kleinheinz wrote in a letter to clients today, a copy of which was obtained by Bloomberg News. Separately, Corriente Advisors LLC, a hedge-fund that handed investors a sixfold gain betting against U.S. subprime mortgages during the financial crisis, said it’s closing its main fund after poor returns.